Finance

Despite a strong end-of-week rally, the Dow Jones Industrial Average and the S&P 500 finished the week lower, losing 1.3% and 0.3% respectively. Conversely, the tech-heavy Nasdaq Composite secured its third consecutive weekly gain, closing up 1.2% on Friday and hovering near record highs. The advance was spearheaded by major semiconductor firms, with Nvidia touching intraday highs and AMD joining the exclusive one-trillion-dollar market capitalization club.

Treasury yields trended downward as investors reassessed the path of monetary policy in light of the weaker labor data. The yield on the 10-year Treasury note pulled back to the 5.16% range after previously hitting multidecade highs. Short-term fixed-income instruments also experienced a relief rally, with the 2-year Treasury note yield declining to 4.7%.

The digital asset market logged notable gains as Bitcoin steadied in the mid-$80,000 range and Ethereum successfully reclaimed the $2,700 threshold. Market sentiment was supported by financial institutions raising their long-term price targets, even as participants monitored the Securities and Exchange Commission's latest actions regarding cryptocurrency custody protocols.